It’s Business As Usual for Mutual Funds

The NYSE Euronext and NASDAQ Stock Market remains closed for the second day in a row as Hurricane Sandy makes landfall along the Northeast and Mid-Atlantic states leaving behind massive power outages and devastation in its wake.

Trading is not slated to restart until Wednesday for both exchanges and mutual funds. However, fund firms reported that Monday was business as usual, according to Investor’s Business Daily.

Specifically, Fidelity Investments spokesman Vincent Loporchio told the pub that his firm has business contingency plans in place that enable it to continue to service its clients and customers “regardless of weather conditions."

Guggenheim Investments, which is based in midtown Manhattan, said its New York-area staffers were working from their homes, according to spokeswoman Jeaneen Pisarra. The firm reportedly also ran tests on its contingency systems on Sunday night, before the market announced it would close on Monday.

And Franklin Templeton Investments said it was using disaster recovery plans that it tests regularly. The firm, with headquarters in San Mateo, Calif., closed offices in New York, Short Hills, N.J., Ft. Lee, N.J., and Washington, D.C. "We are communicating with employees in the relevant sites by email, on-line updates and telephone hotlines," spokesman Matt Walsh, told the pub.